In this article, we’ll review 9 NFT tokens.
The NFT market is continuously growing, with more people creating and investing in NFTs. We have seen NFTs enter mainstream media quickly, with more celebrities and famous people investing in the ecosystem. Consequently, this adoption has resulted in the growing value of NFT tokens used to transact NFTs. Besides, these NFT tokens work behind the scenes to support NFTs, and they have an essential role in the metaverse.
Unlike NFTs that are non-fungible, NFT tokens are fungible, and users can trade or exchange them with other NFT tokens of the same value. This article will discuss NFT tokens and the best NFT tokens you should invest in using market cap and other factors. So, let’s get right to it.
1. Decentraland (MANA)
Value Price – $ 1.8750885
Market Cap – $ 3.45B
Decentraland is a virtual reality real estate platform backed by ERC-20 standardized Ethereum blockchain, where users interact and create content and applications through virtual or augmented reality. This platform enables users to build Ethereum-backed decentralized apps and games. Users can also purchase land and digital assets and participate in governance in the Decentraland metaverse as NFTs using the MANA cryptocurrency. This token, an Ethereum-backed ERC-20 token, enables landowners to incentivize their virtual structures. All land owned in this metaverse earns owners revenue in rental income, sale income, land appreciation, etc.
Users can use MANA tokens to pay for various items on the Decentraland marketplace like avatars, names, and wearables. Owners can build anything on their land, from houses to theaters, stadiums, museums, and estates. They can also trade their land NFTs on any NFT marketplace seamlessly. Currently, there are no lands for sale on Decentraland, and the land prices continue to rise. Additionally, this metaverse has attracted high-profile investments like the Barbados government opening a metaverse embassy in Decentraland.
The price of the MANA token reached an all-time high of $5.90 in November. Today, on the 25th of April, this token’s market cap is at $3.45B with a value price of $1.86.
2. Axie Infinity (AXS)
Value Price – $40.7626
Market Cap – $2.48B
Axie Infinity is a popular play-to-earn metaverse game played by millions of people worldwide. Many people earn a full-time living by playing this game. They receive game governance tokens AXS, which they can exchange on other currencies on cryptocurrency exchanges, as rewards for their gameplay. This metaverse game allows players to collect, raise, breed, trade, and battle token-based NFT collectibles known as axies. These axies have distinct attributes and strengths, and new players need to buy three axies to enter the game.
Users can buy these NFTs on NFT marketplaces like OpenSea, and there are over 200 thousand items currently listed on OpenSea. Axie infinity has two tokens – Axie Infinity shards (AXS) and Smooth Love Potion (SLP). AXS is a governance token that enables holders to participate in votes on the game development, and holders can earn rewards by staking their tokens. On the other hand, SLP tokens are used for breeding the axies.
AXS token is valued at a price of $40.76 with a $2.48 billion market cap as of 25 April 2022, falling from its peak November 2021 price of $165.37.
3. Theta Network (THETA)
Value Price – $2.81410
Market Cap – $2.81B
Theta is a decentralized video and data delivery platform that allows the creation of decentralized apps for movie, music, peer-to-peer, and sports streaming. In January 2021, Theta launched NFTs in a bid to become a top blockchain infrastructure network for the entertainment and media industry. This platform has long-term partnerships with entertainers that will build NFTs on the blockchain and drop fan rewards and live experiences as NFTs. Katy Perry is one of these partners as she launched her first NFT collection on the network in December 2021 after acquiring a stake in Theta Labs earlier in June.
Theta Network expands to offer decentralized digital assets storage, focusing on video-on-demand and other digital collectibles. This platform offers three tokens – THETA, TFUEL, and TDROP. The THETA token is used for governance and as a staking validator, while TFUEL is used as the native token for transactions. TDROP, on the other hand, is a decentralized governance token.
THETA is now (25th April 2022) at $2.81 with a market price of $2.81 billion, falling from its April 2021 peak price of $15.90.
4. Sandbox (SAND)
Value Price – $2.60862
Market Cap – $3.02B
Sandbox is a virtual reality platform, like Decentraland, where users can make money from their gameplay. This platform allows users to create NFTs, called ASSETS on Sandbox and use the Sandbox Game Maker to integrate them into the games. You can also upload your NFTs to the Sandbox marketplace for sale.
SAND is the primary medium of exchange and utility token used in the Sandbox ecosystem, enabling users to build, own and make money from their gaming experiences. Sandbox users can accumulate SAND through playing the game, and they can use it to enhance their gameplay by buying assets like land, customizing avatars, and purchasing game equipment. SAND also enables users to upload assets to the Sandbox Marketplace, and they can stake the tokens to earn rewards. Besides, as a SAND holder, you can participate in governance decisions.
The SAND token rose to a value of $8.44 in November 2021, but it has since dropped to a value price of $2.6 with a market cap of $3.02 billion as of 25 April 2022.
5. ApeCoin (APE)
Value Price – $17.3724
Market Cap – $4.95B
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to invest in web3 decentralized community building. The token has a fixed supply of 1 billion tokens, with a portion of the tokens initially locked for project contributors. Yuga Labs, the company behind the Bored Ape Yacht club and ApeCoin, stated that the token would be the primary token for the BAYC ecosystem and all future Yuga products. Plus, the ApeCoin DAO, the coin holders, govern this token.
There is no major function of this token yet except within the ApeCoin DAO membership, but the map suggests that there are things in the works. The token will be the primary token for the Yuga Labs’ upcoming play-to-earn blockchain game and Benji Bananas, a game from Animoca Brands, a Hong Kong-based blockchain gaming company.
Trade of ApeCoin started on the 17th of March, and it reached a peak price of $17.75 in the same month. It is currently trading at $17.37 with a market cap of $4.95 billion as of the time of writing this article.
6. Enjin Coin (ENJ)
Value Price – $1.29628
Market Cap – $1.14B
Enjin is a company that offers blockchain-based gaming products, making it seamless for users to trade, market, develop, and make money with blockchain. The Enjin Network acts as a foundation for blockchain-backed games, and the Enjin Coin (ENJ) is designed for gaming communities specifically. In this platform, users can build websites, virtual stores, and clans, and the items in the game have value and can act as NFTs. The Ethereum blockchain tokenizes these in-game assets, which the ERC-20 Enjin token (ENJ) backs. Besides, this token gives these digital assets real-world liquidity, and they can be traded and exchanged with fiat currency.
With Enjin, games can integrate into Ethereum without breaking their back with fees. The token value increases with every active app, game, and item built with Enjin. There are currently over 40 platforms on the network, although none of them are popular at the moment.
Enjin Coin (ENJ) has a value of $1.29 with a $1.14 billion market cap as of 25 April 2022, falling from the high November 2021 price of $4.50. The Enjin token has a low price and a large market cap because of the large number of tokens in circulation – 850 million tokens.
7. Tezos (XTZ)
Value Price – $2.89
Market Cap – $2.55B
Tezos is a decentralized blockchain network that uses different advanced protocols to allow multiple functionalities. This self-governing platform facilitates formal verification and supports decentralized application development and smart contract coding. Tezos supports NFTs, and some prominent NFTS have been minted on this network, increasing the XTZ token value. Additionally, this blockchain uses a liquid proof-of-stake consensus system, making it unique in the ecosystem.
NFT marketplace Rarible integrated with the Tezos blockchain, enabling Tezos NFTs to be available for trading on the platform. XTZ is available for purchase on different exchanges like Binance, KuCoin, WazirX, and others. The price of XTZ has risen over time, with the price spiking after Ubisoft, a games publisher, announced it will use the Tezos blockchain to enter the NFT market. The XTZ price rose to an all-time high of $9.18 on 4 October after a network upgrade, and it ended 2021 with over 100% gain.
XTZ’s price is currently at $2.89 with a market cap of $2.55 billion, a drop from the $4 price in March 2022.
8. CHILIZ (CHZ)
Value Price – $0.19692
Market Cap – $1.18B
Chiliz is the first blockchain-based fan interaction and reward network platform globally, and CHZ is an ERC-20 utility token that powers the entire Chiliz ecosystem. Sports fans can purchase and trade fan tokens and use these tokens in polls and surveys linked to their chosen teams. International organizations and sports teams can sell these fan tokens to fans, which are limited in number. The Chiliz ecosystem uses three primary elements – Socios.com, Chiliz.net, and the CHZ token. Fan tokens are created and bought in exchange for the CHZ tokens on Socios.com, and all governance decisions are made on this platform. Users can also purchase CHZ and earn rewards here.
Chiliz.net, on the other hand, is a cryptocurrency sports exchange that allows traders and sports fans to trade existing fan tokens. Fans can use this platform backed by blockchain to support their favorite sports teams. Since its launch, this token has seen increased adoption amongst sports and cryptocurrency enthusiasts. This platform is also the first of its kind, and they have over 20 official partners, including Juventus, Paris Saint-Germain, AS Roma, AC Milan, and others.
On 13th March 2021, Chiliz’s price hit an all-time high of $0.8915, but it is currently at $0.19692 with a $1.18 billion market cap.
9. Gala Games (GALA)
Value Price – $0.1777
Market Cap – $1.33B
Gala is an ERC-20 standard token that powers Gala Games, a blockchain gaming ecosystem. GALA is the official medium of exchange that game participants on this platform use. The decentralized nature of Gala Games enables gamers to have control over their gaming assets, and they can also influence the project. The Gala Games ecosystem has five components – the games, publishing network, cloud hosting, NFT marketplace, and tokenomics.
The Gala Games platform relies on games that combine NFTs, decentralized finance, and a play-to-earn mechanism to enable gamers freely play and earn money. The gamers use voting to decide the type of games to add to the platform. Gamers also use the GALA token to buy in-game assets like game upgrades, and it functions as a governance token as well. Plus, there are over 1.2 million active players on the platform, with over 25000 NFTs sold.
The GALA token is currently (25 April 2022) valued at a price of $0.177 with a market cap of $1.33B, a step down from its February 2022 price of $0.25.
Difference between NFTs and NFT tokens
NFTs and NFT tokens are very different. While one (NFTs) is non-fungible, the other is fungible. NFT tokens are cryptocurrency tokens used to support the NFT ecosystem. For example, NFT tokens like MANA, AXS, THETA, SAND, and others are used to power their respective NFT ecosystems, and they each have distinct roles to play.
Like other cryptocurrencies, users can invest, trade, and exchange NFT tokens for other NFT tokens with the same value. The role of NFT tokens continues to grow with the continuous rise of NFTs, and they are good as a long-term investment for your trading portfolio.